City Council Resolution 2005-17RESOLUTION 2005-17
RESOLUTION DECLARING THE OFFICIAL INTENT OF THE
CITY OF MONTICELLO TO REIMBURSE
CERTAIN EXPENDITURES FROM THE PROCEEDS OF
BONDS TO BE ISSUED BY THE CITY
WHEREAS, the Internal Revenue Service has issued Treas. Reg. § 1.150-2 providing that
proceeds of tax-exempt bonds used to reimburse prior expenditures will not be deemed spent
unless certain requirements are met; and
WHEREAS, the City expects to incur certain expenditures which may be financed temporarily
from sources other than bonds, and reimbursed from the proceeds of a bond;
NOW, THEREFORE, BE IT RESOL VED BY THE CITY COUNCIL OF THE CITY OF
MONTICELLO (THE "CITY') AS FOLLOWS:
1. The City reasonably intends to make expenditures for the projects described in Exhibit A
(the "Projects"), and reasonably intends to reimburse itself for such expenditures from the
proceeds of debt to be issued by the City in the maximum principal amount described in
Exhibit A.
2. The City Administrator is authorized to designate appropriate additions to Exhibit A in
circumstances where time is of the essence, and any such designation shall be reported to
the Council at the earliest practicable date and shall be filed with the official books and
records of the City as provided in Section 3.
3. This resolution is intended to constitute a declaration of official intent for purposes of
Treas. Reg. § 1.150-2 and any successor law, regulation, or ruling.
Adopted by the City Council this 28th day of February, 2005.
C -Z J_
Clint Herbst, Mayor
ATTEST:
Rick Wolfsteller, City Administrator
Resolution No. 2005-17
Page 2
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED FEBRUARY 28, 2005
MAXIMUM PRINCIPAL
DATE OF
AMOUNT OF DEBT
DECLARATION
DESCRIPTION OF PROJECT
FOR PROJECT
2/28/05
Trunk Sanitary Sewer Extension SE
S2,9509000
Interceptor/Bondhus Project No.
2000-12C
2/28/05
1 Million Gallon Elevated Water
52,100,000
Tower Project No. 2004-30C